Business

GameStop to close over 200 stores

The firm’s steadiness sheet has not appeared wholesome in current instances — its second international gross sales decreased 14.three %, marking an adjusted internet lack of $32 million. As such, CFO introduced that up to 200 “underperforming” stores will likely be closed between now and the tip of the 12 months. In the corporate’s current name, Bell added that, “While these were more opportunistic, we are applying a more definitive, analytic approach, including levels and sales transferability, that we expect will yield a much larger tranche of closures over the coming 12 to 24 months.”

Despite these closures — and efforts to revamp the better-performing stores — it is unlikely that GameStop’s fortunes will change any time quickly, thanks largely to the tip of the present console technology and subsequent weaker title launches. As a outcome, Bell mentioned, the corporate expects its year-over-year gross sales to be down for the following three to 4 quarters.

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